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collecting and education part of the same thing. everyone who pis art started off learning about it because they were lucky enough to go to school within our history program or had parents and friends interested in art. we see education as a good thing in itself but creating a new generation of collectors in the future. >> there's an interesting thing in t"the times" about valuation and where they're going and based on. we keep seeing numbers more and more crazy. the art world fools like the ate equity fund of the '80s and hedge fund of the '90s. do you trust these as they come out? >> i'm really not an expert on valuation of art, it's a product of the market. i will say as a result of more information freely accessible online, these markets get more efficient. interesting they brought up back in the '80s you want to buy or sell a certain financial security, you have be on the phone with someone and they have to be on the phone to make a sale. now that the exchanges aggregated the data you can buy it a lot more efficiently. we're essentially buying a database where all the art in the world
now for almost a decade, but the first two years we were out there it required a lot of education with wall street to truly understand the business models, that, for example, current sales and marketing costs are not linked to current revenues. this period's revenues came from sales and marketing investments from previous periods. and the sales and marketing costs that you invest this period will translate into future revenues. so sales and marketing as an example acts more like a capex than an opex. and traditional systems don't really bring that out. >> you say that as an investor, if you were looking at a subscription business, you would give them a ding if they brought operating profit to the bottom line because cutting sales and marketing is a sign that they can't effectively go out and acquire new business? >> it is probably a saturated market and growth will slow. if growth is going to slow, the going to be worth much less. >> your piece from all things d is an important read. thanks for your time. >> absolutely. thank you very much. >> time for squawk on the tweet. netflix
education about currencies, check out currency in class at cnbc.com. >>> slow and steady may be true for wall street, as dividend stocks topped into the top performers in 2012. >>> one hour into trading this morning. ibm is by far the biggest gainer on the dow, up 6% on quarterly earnings. that beat the street above consensus. shares of csx up 3% on the railroad operators, better than expected quarterly results. >>> the tech earnings parade marches on as we gear up for apple's numbers after the bell. apple has been sliding over the last three months. although, research in motion is on the rebound. how do you play these two names. eric jackson is an apple and r.i.m. holder. he's also a forbes columnist, jones us on the newsline. welcome back. >> hey, carl. >> a lot of discussion about people being afraid to step into apple before the numbers. worries about the first decline year over year and income at about ten years. is that going to happen? >> it might. i think the headline will be that they meet consensus, which is $55 billion in revenues. and 1350 in eps. i think that will initia
Search Results 0 to 2 of about 3